Project Overview & Headline

 

This case study covers the end-to-end preparation for Solaris's €26.3 million Series A financing round. The project involved developing a comprehensive business case, creating the detailed financial models and market analyses that formed the core of the investor pitch, and supporting interactions with top-tier international investors. The successful outcome secured not just capital, but pivotal strategic partnerships with Arvato Financial Solutions and SBI Group to fuel global expansion.​

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The Context & Challenge

 

After its first year of operation, Solaris had successfully proven its Banking-as-a-Platform (BaaS) model, signing over 20 partners and passporting its license to six European countries. To capitalize on this powerful momentum, scale the platform, and execute an ambitious international expansion, a significant capital injection was essential.

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The project faced several distinct challenges:

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• Attracting Strategic Capital: The goal was not just to raise money, but to secure "smart capital" from partners who could provide deep industry expertise and unlock new international markets. This narrowed the field and raised the bar for the entire process.

• Building a Bulletproof Narrative: As a young company, it was necessary to translate early traction into a compelling, data-backed story of future growth to justify the valuation and earn the confidence of sophisticated global investors.

• Navigating a High-Stakes Process: A Series A round is a critical validation point for any startup. The process had to be managed flawlessly to maintain momentum and achieve a successful outcome that would set the company up for its next chapter.

 

The Process & The Role

 

A rigorous, three-phase process was executed to prepare for and navigate the fundraising effort, ensuring the company was positioned for success.

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Phase 1: Building the Foundation – Data Room & Financial Modeling

 

The process began with building the fundamental assets for the investment thesis.

• Financial Modeling & Analysis: A comprehensive financial model was constructed, forming the quantitative core of the business case. This included multi-year forecasts and detailed unit economics for sales, product line revenue, and marketing, providing a clear, data-driven picture of the company's growth trajectory and capital efficiency.

• Virtual Data Room: A meticulous virtual data room was assembled, containing all essential corporate, legal, technical, and operational documents required for thorough due diligence by potential investors.
   

Phase 2: Crafting the Narrative – The Investor Pitch & Market Analysis

With the data in place, the focus shifted to storytelling.

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• Investor Pitch Deck: A compelling investor deck was crafted to articulate the company's vision, unique market position, and massive growth potential.

• Market Intelligence: A core component of the pitch was the in-depth market analysis. This analysis sized the total addressable market (TAM) for BaaS in Europe and Asia and detailed the competitive landscape, highlighting the company's defensible technology and "first-mover" advantage.
   

Phase 3: Investor Outreach & Due Diligence Support

This phase involved engaging directly with the investment community.
 

• Targeted Outreach: A strategic outreach was initiated by the leadership team to a curated list of potential investors, with a strong focus on corporate VCs and strategic partners who aligned with the company's global ambitions.

• Due Diligence Management: A key responsibility during this phase was to support the leadership team by managing the flow of information to investors. This involved preparing detailed, data-backed responses to complex inquiries regarding the market analysis, financial models, and business operations, ensuring the due diligence process was smooth and efficient.
   

The Results & Impact

 

The meticulous preparation and strategic execution resulted in a highly successful funding round that significantly exceeded expectations and positioned the company for global leadership.

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• Secured €26.3 Million in Series A Funding: Successfully closed the round, providing the necessary capital to scale the business, grow the transaction and loan books, and invest in technology.

• Formed Key Strategic Partnerships: The round was led by two major strategic partners, Arvato Financial Solutions (Bertelsmann) and SBI Group, providing "smart capital" and invaluable access to European and Asian markets.

• Fueled International Expansion: The funding and new partnerships provided the catalyst for the company's internationalization strategy, particularly the planned joint ventures in Asia with SBI Group.

• Attracted Top-Tier Leadership: The successful financing served as a powerful validation that helped attract a new, experienced CEO (Roland Folz) to lead the company's next phase of growth.

• Achieved Major Market Validation: Closing a significant Series A round with globally recognized strategic investors provided powerful third-party validation of the company's business model, technology, and team, cementing its status as a market leader.